Global Market Intelligence (GMI)

Putting market intelligence at the heart of successful asset management businesses

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Global Market Intelligence - GMI

One platform, two modules, three core datasets

GLOBAL MARKET INTELLIGENCE

GMI INSTITUTIONAL

Detailed Global Institutional Market Intelligence across all vehicles

Detailed Domestic and Cross-Border Fund Market Intelligence across

retail & institutional Money in SalesWatch Motion = Fund assets, flows and launches Domestic & E D = Institutional assets and flows by cross-border OmpPrENENSIVE

by product and region = 88,000 open ended-funds globally = Fund benchmarks, rankings and named competitive positioning = Advanced fund and competition

product, region and client type = Separate Account, Private Fund, Mutual Fund, CIT and ETF Analysis = Institutional Benchmarks and rankings

3 core Institutional

analytics analytics

datasets

FundFile

analytics sophisticated = True Negotiated Fee analysis = Cross-border and distributor named fund = Named consultant analysis Americas EMEA APAC

| Americas EMEA APAC

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F Global Market Intelligence - GMI

The largest data sharing consortium of its kind drives analysis of over $33 trillion in institutional and $42 trillion in global funds assets

AB Global

Aberdeen Standard Investments Acadian Asset Management Aegon Asset Management Allianz Global Investors

AMG

American Century

Amundi

AQR

Artemis

Asset Management One

AVIVA Investors

AXA Investment Managers Baillie Gifford

BAML

Barings

Barrow, Hanley, Mewhinney & Strauss BlackRock

BlueBay

BMO

BNP Paribas Investment Partners BNY Mellon

BrightSphere

Candriam

Capital Group

Carmignac Gestion CenterSquare

Cohen & Steers

Columbia Threadneedle

Comgest

Copper Rock Capital Partners Credit Suisse

Danske Capital

Dodge & Cox

DWS

Eaton Vance

Edmond de Rothschild

E Funds

Eurizon

Fidante Partners

Fidelity International

Fidelity FIAM

First Quadrant

First State

Fisch Asset Management Franklin Templeton Investments GAM

Generali Investments

GMO

Goldman Sachs Asset Management GW&K

Harding Loevner

Hexavest

HSBC Global Asset Management Insight Investment Management Invesco

Investec

Janus Henderson

JP Morgan AM Jupiter

Kames Capital Legg Mason LGIM

Lombard Odier Loomis, Sayles & Company Lord Abbett Lyxor

M&G Macquarie

Maj Invest MAN Group Matthews Asia Mediolanum MFS

Mitsubishi UFJ Morgan Stanley Muzinich & Co.

Natixis Global Asset Management

Neuberger Berman

Newton

Nikko Asset Management NN Investment Partners Nomura Asset Management Northern Trust

Nordea

OFI

Oppenheimer Funds

Oyster Funds

Parametric

Partners Capital

Pictet

PIMCO

PGIM

Pinebridge

Pioneer Investments

Quoniam Asset Management Robeco

Royal London Asset Management Schroders

Skagen Funds

State Street Global Advisors Storebrand

Swiss & Global

T Rowe Price

Thompson, Siegel & Walmsley TIAA/Nuveen

TwentyFour Asset Management UBS Asset Management Unigestion

UOB Asset Management Vontobel Asset Management Wellington

Wells Fargo Asset Management

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Global Market Intelligence - GMI

To generate the most comprehensive analytics possible, we augment secondary datasets from our growing number of global data partnerships

5500 a T ST UEL

Regulatory filings Association data

Morningstar & Lipper

Partnership

Broadridge | Preqin

Proprietary data Partnership

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GMI Analytics & Functions

Four analytical capabilities embedded across five core asset management functions

MARKET ANALYTICS

Assets, flows, fees and revenues by product,

vehicle, country, client and distribution channel

Evidence strategic planning and Product & Strategy product development

Inform sales planning, identify opportunities and inform tactics

Enable evidenced-based strategic decision making and informed business cases

Management & Leadership

A Embed robust market analytics across

Research & Intelligence key business functions

Understand trends, changing client

Marketing & Client behaviour and patterns of demand

BENCHMARKING ANALYTICS

Market benchmarking and competitive positioning by asset, flow and revenue share

Track against targets, benchmark product characteristics & discover differentiators

Analyse coverage and analyse competitive positioning

Measure business performance and track against growth targets

Generate accurate and informed reporting on competitive position

Measure campaign performance, client retention and benchmark KPIs

DISTRIBUTION ANALYTICS

COMPETITIVE ANALYTICS

Distribution channel breakdowns with named sub advisor and institutional consultant intelligence

Named competitive metrics including size, ratings, growth, performance, fees and sector alpha

Analyse competing products and measure the factors driving commercial performance

Align product specifications with the clients and channels driving flows

Identify prospects, distribution partners Measure competitive advantage and and trends in their allocations inform conversations

Focus resources on the most valuable market segments

Measure the factors driving commercial performance

Support sales with key consultant and Track competitors, identify disruptors distributor intelligence and analyse competitive trends

Understand the behaviour of strategic distribution partners

Measure your strengths and weaknesses to inform messaging

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GMI Market Analytics

Analyse opportunity across all products, vehicles, countries, clients and distributors

Opportunity Metrics Across Retail and Institutional

Analysis of Fund Launches & Closures "-—— Tee (en) 200 Unique Cross-Border Analysis May 2018 - April 2019 Fund Launches 27,500 BAUM NetFlow Italian 3'd Party Fund AUM Growth 500 Fors Mixed An 7 UU maso xv Mixed Asset Allocation nem Where can I track 100 $49 {=-= successful fund launches, * 350 Equities Global mm | failures and closures? ES ann 7 1 How do! analyse Mixed O —— E ; 2,500 mark rtuni I -— E = E nip POTA Bonds Emerging Markets ns | -2,500 inclugng cross-border ; I iness: Equities Themes E I -7,500 7 -50 . er OS v S A Š d S ON $ - : » I e d e e S o S E ES PIS 0 Equities ARS Pacific = l E eU Qr or 3 N KG ra SS 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 < ae Bonds Asia Pacific ENS | e hi o w «? i E Cross Border B Domestic m Round Trip ' Bi 7 =< . . Trends in Product Demand Across All Vehicles Ia Equities Emerging Markets EH True Negotiated Fee Analysis a°? Cumulative Institutional Equity Net-Flow I I l US active fundamental equity Fees by mandate size S li FoFs Equities m I 80 3 i l i $ E 40 F -600 -100 400 900 , ¿È E = s d i i i T ii i | E Fund Launches W Fund Closures B Fund Mergers I zo 10 . i poe ee een eH HK ==, Bso How do! form an | SE Nes Saioe v £ effective fee strategy ; I I M&G (Lux) Investment Funds 1 - Optimal Income Fund 421,599 i40 di -60 Aue —————————M á— I Fidelity Series Total Market Index Fund 417,058 | p ag and inform RFP | Full global vehicle coverage I I Strategic Advisers Fidelity Core Income Fund 415604 | ge responses? I 2018 Net-Flow tree by vehicle g | Fidelity SAI Total Bond Fund 412,337 | 20 8 ij ED -110 , I I JPMorgan Liquidity Funds - USD Liquidity VNAV Fund 410,309 10 I I = I Fidelity Series Bond Index Fund A6,731 I l l I Select Sector Communication Services Select Sector SPDR Fund 45,230 l 0 : . ES I e I . l csr (CH) Ill Equity World ex CH Blue - Pension Fund 25018 | large Cap Mid/Smid Cap small Cap l l I = ers ME ies es ems ee se Jee a il « 50m E 50 - 100m = 100 - 250m E 250 - 500m Iii 500m + -210 | JPMorgan BetaBuilders Europe ETF A4189 | Q4/2011 Q4/2012 Q4/2013 Q4/2014 Q4/2015 Q4/2016 Q4/2017 Q4/2018

ium e e e e e e e e e o o -— c --— Ș -— mw

E Equity Index - Global W Equity - Multi-factor W Equity - Global EM_ W Equity - Global

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GMI Market Analytics

A detailed and comprehensive source of Alternatives market analytics

By enhancing our consortium data with the data Institutional Alternatives AUM Analysis Trends in Hedge Fund Net-Flow we engineered via our partnership with Preqin, we AUM $B Net-Flow $B are able to produce a comprehensive view on the 3,387 300

I

I

« 1

$107bn net outflow from hedge funds since Q3 2014

Alternatives landscape. 2,698 250 200 1,268 150 Trends in Private Asset Capital Raising UK Pension Capital Raised $B p 530 514 100 l 232

160 E

E .

Private Equity Hedge fund Real Estate Infrastructure Private Debt Natural

140 Resources 0 . g 2011 2012 2013 2014 2015 2016 2017 2018 120 Private Equity AUM Hedge Fund AUM ee ae T &B Hedge Fund by Net-Fl i 2014 sou MEE: Equity MEN 513 op 5 & Bottom 5 Hedge Fund Sectors by Net-Flow Since Q3 20 100 , . Multi-strategy ME 396 Net-FloWis Which regions and : ? uA enture = 712 Macro / Directional EE 330 Alts - HF - MA - Multi-strategy clients are driving fund 80 raising for my products? Event Driven NENEN 329 Alts - HF - Alternative Beta Í Growth p yP rowth E 553 Fixedincome NEN 198 Alts - HF - Fl - Multi-strategy | 9 | 60 Balanced | 93 Managed futures /... Bl. 137 Alts - Hk EH Long Bias / 130/30 WW 120 ats, Where are the growth EN 40 Expansion / Late Stage | 92 MA - Multi-strategsy W 91 segments in the Fl-Multi-strategy B 91 alternatives space? Alts - HF - Man | 15 | Turnaround | 23 Commodities W 67 20 . Alts - HF - Macro / Directiona Hybrid 5 Relative Value E 65 . gxseeibssked- Viren Alts - HF - Multi-strategy 0 Bier la Market Neutral E 47 Alts - HF - Fixed income Q1/2014 Q1/2015 01/2016 01/2017 01/2018 0Q1/2019 Alternative Beta I 35 Alts - HF - Equity Other/undefined 192 i / Fi Other/undefined EN 212 -60 -40 -20 0 20 40

= Alts - Private Debt = Alts - Private Equity

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Ea Broadridge

GMI Market Analytics

Detailed true fee levels, trends, discounting and benchmarking

The GMI Fee Module enables members to measure true negotiated fees in detailed product, client and regional segments. It also includes discounting analysis, fee level trends, benchmark analytics, and correlations with flows to allow for a better understanding of the shape of demand in different segments of the market.

Analysis of Fee Sensitivity 96 of Gross Inflow 2018 by True IM Fee Quintile

iT =<

B Highest quintile B 2nd quintile 10096 I " I l 80%

I I 60% | l

l 40% i l l l

20%

5 Mi

Which segments are

more or less sensitive EN to fee levels?

ddle quintile B 4th quintile W Lowest quintile

I = i | E B A - I = - i B NN > x 9! ge 2 xe SO AES " e m d - w S XM oq S à ^ d S d ^. How should | price to À dU & ; S CONES C Ral e < E A a e Eon ni I a S e Pm compete effectively in quU o. e A Is S "m SS sS l oge z e 60 specific market T e p l E 5 I 50 segments? I l - pcc ELE TOTT i =e = m cS m ii ni n, M M 1 ap I True Fee And Break Point Benchmarks j | Trends in True IM Fee I 30 | Global EMD Separate Account BPS | Fundamental Active Equity BPS I 20 l I l I I memm Market Median === My Median | 100 I 10 Í i = y I " > " + " k. e l 60 I l 5.4% 5yr CAGR I eM .QN & eg aw e XS 80 rd T d S S eo e " d | 50 l ! & SS e «v x 2 & l 40 l l e M «e e oe KO I 70 I "3 < N x Ro | 30 I l S 3 a | 20 I I « v I 60 «e | 10 I l m Weighted Average bps m Outflow Weighted Average bps WE Inflow Weighted Average bps I 0 l | 50 I L « 50m 50-100m 100-250m 500m+ 250-500m I L 2013 2014 2015 2016 2017 2018 l EL e e e a ë a 0 En TE S 2s sS oed s s sg sg M ©2019| 7

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GMI Benchmarking Analytics

qQ---------------c-------------

Market share and competitive positioning -^ True Negotiated Fee Benchmarks

I ae = HK Pensions Global Active Equity Separate Account True Fee I a? l l - " " E” | 5 mum Market Median es My Median I ; - Market Share Analysis "E l I APAC Pension Market Share Matrix (inc. Cross-Border Business) ese iem Am I pricing | ~ 60 I | L^ Pe competitively? NS l - | 9 l - at | $40 I x Singapore " - l z = E- i © 30 l Š -7 e I - = 20 je - | l = Australia Hong Kong D | 2 S - E 10 l BD ‘South Korea I o ° ere ens 8 l > = =e m m e e e ER $ - To - ó I <50m 50 - 100m 100 - 250m 500m + 250 - 500m l How is my business ee a a e S o- performing relative to the competition? e O———l anae e a S ^ 31O | £ oium m e dui em m m o a I Market Share Trends l CO o mh con RN i Japanese Pension Market Share Trend by Product l F l ` How am I tracking I 35% l ld m. against my growth " i ~ fo a Market Organic Growth % targets? ZA] S l ~J a I 5 2596 - aan EAA - DT Detailed Competitive Positioning ENTM 4 20% I ~ x Fund Name | Fund Sector Focus AUM , MktShr NetFlow | OrgGrwth 3Y Return Sectora IMFee Fee A © 15% I Fidelity Contrafund Eq Nth Am Active | 115.3B 1.11% v-60.6B ^ w-0.1496, A 14.7296 42.51% 68bps 410 bps Iz l Fidelity Growth Company Fund Eq Nth Am Active 414B 040% V-30.8B V-0.19% A58% A537% 71bps å13bps pode I Fidelity Low-Priced Stock Fund | Eq Nth Am S/Mid Active | 29.0B | 0.2856 | w-31.3B| ¥-0.18% 47.13% W-4.189 47 hne ¥-? hne I 5% I Fidelity Blue Chip Growth Fund Eq Nth Am Active 26.2B 0.25% v-26B -0.03% - ^' Where am I winnin g l I A : : j " i EI 7 0% Fidelity Advisor New Insights Fund Eq Nth Am Active 25.7B 0.25% V-14.1B | ¥-0.13% | 413.58% where am I losing, and l "- 3d off am - "m- I Fidelity Strategic Advisers Core Fund | Eq Nth Am | Active 24.7B 0.24% Y-A0B -0.07% E d l dum m - - | how do I compare? «m» Bonds High Yield «—^Equities Europe === FoFs Bonds | Fidelity Strategic Advisers Fidelity US Tot Eq Nth Am Active 224B 0226 A222B | 2 ~ I Pars Egüities FoFs Mixed FoFs Real Estate l Fidelity OTC Portfolio Eq Nth Am Active 185B 0.18% v-.8B ¥-0.03% - AB ~L K Fidelity Magellan Fund | Eq Nth Am Active 16.0B| 0.15% v-B7B| ¥-0.13%| 412.41% 40.20% 52bps Y-6bps idc dcc cce dicc aci ccs ay pe Pw we at Se ge = Fidelity Series Emerging Markets Opportu Eq Emg Mkt Active 149B 0.14% A2.9B 0.06% 11.59% 1.98% 43bps W-56 bps

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GMI Distribution Analytics

Named intermediary and distributor analysis TERE

Detailed Client Analysis client groups present

Global AUM and 2018 Net-Flow ($B) the best opportunity Trends in Distributor Channel for my products? iiri 27,500 BAUM ENetFlow Mk

US Fund Distributor Net-Flow l i cea cea 150 41796 3yr CAGR $2500 I I 150 [4 ea > l o Ei = 17,500 I te 6 im! 100 9 © 200 12,500 1 [| x 2 7,500 in n mm 50 50 im! I B 2,500 l - H Ln NH wm a! ME, l 2,500 "^" A 1 9 =" I I 7,500 50 l Which distribution X NS S ^ « ^ R4 A es N j I NS ge s OS ee Ss p é I iis v7 channels are growing I & a ace < S S RNY me F3 d l 7 EN x S > -A for my products and in I Sg S S < < @ I -100 which markets? "inei A ci E no oco oo ——— ; I A ; Named Consultant l Named Sub-Advisor I O4 Intermediated DB Alternatives Gross Flow (96) l l EMEA 3rd Party Sub-Advised AUM ranked by group (B$) -150 l l I l l Cambridge Associates —mm | | DWS MEM l l Hamilton Lane Advisors LLC MEM I l Lloyds Banking Group pills I -200 TorreyCove Capital Partners... = I I St James's Place Group Nil l Portfolio Advisors LLC memm I l Marsh Mc Lennan Companies NEN l -250 I NEPC mmm l : GAM Holding mmm I | Meketalnvestment Group mmm l 1 Universal-Investment GmbH mammu I -300 | Mercer Investment... NN Am I covering the Anud =i I Jan-16 Jan-17 Jan-18 Jan-19 I StepStone Group LP am intermediaries that are Russell Group MEN l l Aon Hewitt mmm ivi j Nordea AB EN I Bank Discount æ Dual Registered | &—-9Independent I . driving flows in my focus I Callan Associates mM segments? BNP Paribas = = Private Bank RA Retirement a= Retirement-5500 I i i l |o, |o, 19, rust Co ee VVirehouse loeum cu Gene eee ce CTS ERE. m cimi, msi meni ami iam 1 001

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GMI Competitive Analytics

Evaluate competitive landscape, positioning and performance factors

Competitive Positioning Analysis

-Active Equity Fund Return vs Sector Return

Broadridge

| x | E | 5 | ba g wv oc - l h E | em | “Fund Name: Morgan’ Stanley-US Equity Growth ^ E] Sector 3Y Return: 15.41% a S Fund 3Y Return: 25.37% : uL AUM: 2,833.1 M Fund Sector: Equities North America » 3 | s 2 2 e * ! H e e How can I visualise my . . competitive ‘, landscape? a L..] 4 L] LA e " ü Sector 3yr Return 96 Fund Name | FundSector | Strategy AUM , NetFlow OrgGrwth 3Y Return Sectora M'Rating IMFee FeeA | American Funds Growth Fund of America Eq Nth Am Active 1822B v-37B| V-2.0% 13.23% | 40.78% | eek 27bps Y-29bps| American Funds EuroPacific Growth Fund EqGlobalexU! Active 1518B W-38B V-23% A7.38% 1.1296 kkk 41bps W-28bps Fidelity Contrafund Eq Nth Am Active, 1538 | Y-155B | V-12.1% | A14.7296 | A2.2796 keke FO American Funds Washington Mutual Investm Eq Nth Am Active 111.3B ^ A42B A40% 11.25% Y-1.2096 kek Who is winning, who is American Funds Fundamental Investors Eq Nth Am Active 95.0 B vY-12B Y-1296 410.55% | Y-1.9096 | x+ : H $n ee I L- us losing, and what is driving American Funds Capital World Growth & Incc EqGlobalinc | Active 92.1B V-33B ¥-3.3% A832% 41.18% y American Funds Investment Company of Am Eq Nth Am Active 91.4 B v-18B Y -1.996 49.10% | v -3.3596 this ? American Funds New Perspective Fund Eq Global Active 839B ^ A24B A309; A1140% A045% Jede = = Dodge & Cox Stock Fund Eq Nth Am Active 672B v-24B| ¥-3.5% 411.30% | v-1.1596 doe | SObps V-6 bps | American Funds AMCAP Fund Eq Nth Am Active 63.6B Y-5444M ¥-0.8% A11.1196 W-1.8496 dex 3Obps Y-26 bps Vanguard PRIMECAP Fund Eq Nth Am Active 602B V-28B Y-439. | 413.68% 1.23% keke 18bps v-38 bps|

Performance Factor Analysis

Active Flexible Bond Sector Fee Quintile (BPS)

1 Fee Quintile

2"4 Fee Quintile

3" Fee Quintile

4^ Fee Quintile

5t Fee Quintile

Return Decile (3ry Return %)

1* Return Decile

2^? Return Decile

3" Return Decile

4'^ Return Decile

5'^ Return Decile

6'^ Return Decile

7% Return Decile

8'^ Return Decile

9'^ Return Decile 0.23%

10* Return Decile n

Fee Quintile (AUM 96)

:

Return Decile (AUM $)

39.9 B.

Fee Quintile (Net-Flow $)

B.-- vi

I 4 What are the factors

that will enable me to compete effectively?

Return De (Net-Flow $)

I A990M

| a392 K

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GMI Service and Partnership

A close working relationship with our members driven by our 11 part service

Direct Data Access to the underlying datasets to enable members to undertake detailed analysis, modelling and integration with other datasets

Sizes key segments by both total and addressable assets to measure the full market opportunity and evaluate the coverage of the GMI datasets

Market Matrix against the full market

GMI dashboards provide a powerful analytical and visualisation tool which enables members to intuitively explore and interrogate our unique datasets

Custom reports enable product or market analytics to be focused and aligned with our members' strategic priorities and business structures

Platform

Our automated benchmarking reports provide detailed annual market share, rankings and competitive positioning metrics

Webinars and one-one tutorials help members extract the maximum value from GMI with practical guidance, tips and support

Our team of experts work closely with our members to help them build custom visualizations and automated sales and benchmarking reports

I Partnership

Our team of analysts support members with more complex analytical queries and data issues

Our regular reports bring the GMI dataset to life by bringing together our unique analytics and our Insights work to explore the drivers of key themes and trends unearthed by the dataset each quarter

Global events bring our members together and enable us to present our unique analytics, insights from our team of experts, and future development plans in a social setting

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Regular GMI webinars are delivered by Broadridge's Insights team which can be joined live as an interactive session, or accessed at any time on the GMI platform

Publications & Events

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